New status has the potential to create one million new jobs besides expanding export base. PHOTO: FILE

The European Union on Tuesday thumbed up Pakistan’s request for duty-free access to European markets, paving way for the country’s acquisition of the EU Generalised Scheme of Preferences (GSP) Plus status.

The Ministry of Commerce tweeted that the EU Parliament’s International Trade Committee had voted 17-12-1 in favour of Pakistan’s inclusion:

The GSP Plus is granted to those countries that ratify and implement international conventions relating to human and labour rights, environment and good governance. The EU has been closely watching Pakistan’s human rights record and also fiercely opposes the death penalty.

Exporters from various industries in Pakistan including textile were anxiously hoping for access to European markets, which promises huge potential for multiplying the country’s current exports.

Industrialist and former president of the Karachi Chamber of Commerce Majyd Aziz tweeted in this regard:

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Reader Comments (19)

Acoording to PakCommerceMinistry tweet “Probable grant of European Union’s GSP+ to Pakistan is likely to create a million jobs for Pakistani youth & boost exports by $500 million”.
This is really minuscule, the increase should be at least 6-8 billion USD. Any good realistic figure?

Learn to Deliver what you Promise on Time First !
Pakistan does not have reputation for delivery nor quality on time !
Sort your Energy Problems out first too, as it may help exporters not to cut corners to make fast buck and lose long term relations with purchasers.

This only happens when India and Bangladesh stop opposing it in WHO and Pakistan will give India MFN status till dec 2012( MFN status will help both countries but more to Pakistan) but Pakistan betrayed India and has not fulfill its commitment as they not want to do with Iran gas pipeline.

It is indeed a great news for the entire Textile sector of Pakistan and if Govt can improvise on the issues of electricity and gas then nothing can stop Pakistan to make the current exports double to its actual figure. Hope Govt and people of Pakistan realizes the importance of its industry and take crucial decisions in utilizing this GSP opportunity. Optimism is the key to growth and success.

Good news for Pakistan.
However, I was just pondering over how Pakistan needs to allow drones to kill terrorists to get US aid and loans, but cannot execute its own criminals to stay in the GSP Plus regime. The irony of it all…Recommend

@Hedgefunder: This is a real mile stone for Pakistan textile sector as earlier we were fighting against all odds and this going to be real breeze for them. I don’t know your experience of working in Pakistan but certainly there are suppliers who can cater by delivering the right product at the right price and at the right time.

Energy crisis have significantly improved the medium to big suppliers have their own power generation.

at least good news to hear. good for pakistan and pakistanis. let us reshape our priorities for utilization of gas and electricity. affordable energy costs would make our products competitive in the world market. Recommend

Please announce the gas continuity without fail in textile sector before the announcement of GSP plus status for pakistann…it will make impact on eu union..as Pakistani Govt is ready to support its textile industry to grab the opportunities and enjoy the benefits of gsp plus status.